A PYMNTS Company

Lithuania/Russia: Record fine stings Gazprom

By  |  June 10, 2014

Lithuanian competition regulators have imposed a record-setting fine on Russian gas giant Gazprom for harming competition in the nation, reports say.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Gazprom, which provides nearly one-third of Europe’s demand, was ordered to pay $48 million by Lithuanian officials. According to the Competition Council, Gazprom refused to negotiate a gas exchange deal with Lithuanian power operator Lietuvos Energijos Gamyba in breach of competition law.

    according to reports, the power company, which is part of state-owned Lietuvos Energija, had negotiated a gas deal with another seller in Western Europe but found delivery to be impossible. In response, the Lithuanian firm approached Gazprom to facilitate the delivery.

    When Gazprom allegedly refused to do so in 2012, the Lithuanian company filed a complaint with regulators.

    The fines mark the largest-ever lodged by the nation’s competition regulator according to reports.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.